World looks at India as global growth engine, trusted friend and pillar of stability: PM Modi

Prime Minister Narendra Modi on Wednesday said India has emerged as a new ray of hope amid many uncertainties being faced globally, and the world looks at it as an important pillar of stability, a trusted friend and an engine of growth in the global economy.

He also said that in the rapidly changing world order, India is moving forward as 'vishwa mitra' (friend of the world).

Speaking at the inauguration of the 10th edition of the Vibrant Gujarat Global Summit, which saw the participation of state heads and CEOs of top private companies, PM Modi said all major rating agencies are of the opinion that India will be among the three largest economies of the world in the next few years.

"In the rapidly changing world order, India is going ahead as vishwa mitra. India has given hope to the world that we can decide on common goals and achieve them. India's commitment to world welfare, its dedication, efforts and hard work are making today's world more secure and prosperous," he said.

"Today, the world looks at India as an important pillar of stability, a friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, a voice of global south, an engine of growth in the global economy, a technology hub for finding solutions a powerhouse of talented youth, and a democracy that delivers," he added.

"All major rating agencies are of the opinion that India will be among the three largest economies of the world in the next few years," Modi said, adding that it is his guarantee that the country will achieve this.

Today, India has given this assurance to the world that we can set common goals and achieve our goals. India's commitment to world welfare, India's loyalty, efforts and hard work are making today's world more secure and prosperous, he said.

The priorities and aspirations of the 1.4 billion people of India, their trust in human-centric development, our commitment for inclusivity and equitability, are a major basis for world prosperity and world development, he added.

At a time when the world is surrounded by many uncertainties, India has emerged as a new ray of hope for the world, the prime minister said.

"India's priorities are clear. India's priorities are sustainable industry, infrastructure and manufacturing, new age skills, futuristic technology, AI and innovation, green hydrogen, renewable energy, semiconductors and its entire ecosystem," he said.

If there is so much resilience and growth momentum in India's economy in a global situation existing today, then the big reason behind this is our focus on structural reforms in the last decade. These reforms have increased the capacity, capability and competitiveness of India's economy, he said.

India recently celebrated 75 years of its independence, and in the next 25 years, it will celebrate 100 years. These 25 years are 'amrit kaal' for India for which a goal of making it a developed country has been set, he said.

The PM credited UAE President Sheikh Mohamed bin Zayed al Nahyan, who attended the summit as the chief guest, for the high growth of India-UAE relations.

The future of 21st-century India will become bright with our collective effort. Even during the G20 presidency, India provided a roadmap for a global future, and is taking forward the vision in this edition of VGGS, he added.

India is continuously strengthening its partnership with I2U2 Group (comprising India, Israel, the United Arab Emirates and the United States) and other multilateral organisations, Modi said.

He said his government has made India's banking system strong through recapitalisation and use of information technology, and ended more than 40,000 compliances through the ease of doing business, GST and global supply chain diversion.

"We signed three FTAs so as to make India a more attractive destination for global business. One of the FTA is with the UAE. We have opened many sectors for FDI through automatic routes. Today, India is making record investments in infrastructure," he said.

In 10 years, India's capex has grown five times, and the country is also moving fast in green energy and renewable energy sectors, with a three times increase in green energy and twenty times in solar energy capacity.

"In 10 years, cheaper phones and data have brought about a new revolution of digital inclusion. Expansion of optical fibre to every village, and the expansion of 5G are changing lives of common India. We are the world's third biggest start-up ecosystem," Modi said.

He said the changes happening in India are increasing the ease of living of citizens and empowering them.

"In the five years of our government, more than 13.5 crore people have come out of poverty and the average income of people has increased along with the participation of female workforce, which is a very good signal for India's future," he said, and called upon the world to join India's growth journey.

The government is working to improve logistics and ease of transportation, with the number of airports grown from 74 to 149, the national highway network twice, and the metro train network thrice in the last ten years, he said.

"It is a matter of happiness for us to have my brother His Highness Sheikh Mohamed bin Zayed Al Nahyan to participate in the event. His presence as a chief guest at the VGGS indicates an increasingly intimate relationship between us. His faith in India and his support were very warm," he said.

The two countries have signed MoUs for the development of food parks, cooperation in renewable energy, and investment in the health sector.

Companies have also agreed to invest multi-million dollars in India's port infrastructure, he said. UAE's sovereign welfare will begin operation in GIFT City, and transworld companies are also going to start aircraft and ship leasing activities, he said.